By Fred Wellings
The development and housing markets have an value within the economic system which works past the confines of the FTA Index sub-sector. After an exam of the heritage of the development and the advance of building businesses the publication is going directly to examine contractors and builders, the different sorts of contracts and their dangers and the constitution of the workload. the second one 1/2 the publication concentrates at the monetary facet of the career together with forecasting, a glance in danger profiles, accounting practices, the out of the country markets and percentage cost functionality
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Extra info for Construction Equities. Evaluation and Trading
Cement deliveries. Definition of sub-sectors Housing, public All local authority and housing association housing, plus site work and services. Housing, private All privately owned residential buildings, plus associated site works. Public non-housing This is a category which has been substantially changed in recent years by privatisation. There is a distinction between the effect on orders and on output. e. once privatised, all orders go into the private sector. However, the output is attributed to the public or private sectors according to the status of the original order.
T h e output price indices now used were introduced in 1978 with adjustments back until 1970. ' (Construction and the related professions, M . C . Fleming, 1980, p. ) An explanation of the methodology of the price indices is contained in the Appendix to the Annual Housing and Construction Statistics with a fuller description in Economic Trends, No. D. Butler, 'New price indices for construction output statistics'. In brief, the output price indices are derived from tender price indices prepared by the Property Services Agency, the Department of Transport and the DoE, with separate indices applied to each of the five main categories of material and labour.
T h e housebuilder will sometimes buy at a relatively low value with the condition that there will be a substantial extra payment if planning permission is obtained. More frequently he will take an option on the land and use his skill and capital to see that land through to successful planning. If he achieves planning, then he will pay the option price for that land. T h a t may be a fixed rate per acre or, more commonly, it will be expressed as a percentage of the market price. Once, the discounts were in the 2 5 - 5 0 % of market value range, but a combination of growing sophistication on the part of the sellers and their advisers, and growing competition from the buyers, meant these discounts gradually narrowed to 5 - 1 0 % and occasionally even reached market price, on the grounds that such a deal avoided the housebuilder having to pay an excessive price at auction.